Closure hits founder hard

Irwin Industrial Tools founder Richard Izard says he had been expecting the closure of the Wellsford factory for some time. Photo / Northern Advocate

Richard Izard, the businessman who founded circular saw-blade maker Irwin Industrial Tools, says he's upset by the closure of the Wellsford company.

After laying off 105 staff seven months ago, Irwin announced last week it would close for good just before Christmas, with the loss of the remaining 56 jobs.

The factory has been the principal employer in the town for years and at its peak had over 500 staff. It makes tungsten carbide tipped saw-blades for export with the US, its largest market.

The company said it had been hit by the volatile New Zealand dollar and the impact of the recession on the American housing market.

Izard set up Acu-Edge in 1979 in partnership with an American entrepreneur.

With export incentives from the Muldoon Government, a loan from the Development Finance Corporation and family help, he opened a small factory in Wellsford. By 1984 he had bought the American out, and in 1991 he sold to the Irwin Company of Wilmington, Ohio.

Izard said he had expected last week's announcement for some time, and felt for the company's employees. He said it was unlikely the factory could have survived making just one product, which was the reason he had linked up with Irwin.

"The way things were going in America in particular with volume sales, you had to offer more than one line of products, and I couldn't do that.

"If there'd been a merger of other small toolmaking companies and a conglomerate put together it might have had a chance of surviving."

But he believed the American owners, who had moved a lot of production to China, would want to consolidate.

Wellsford locals say the latest job losses will not have as much impact as the greater number of redundancies earlier in the year.

Peter Cox, who was made redundant from Irwin about five years ago, said people were resigned to the news. "They've known it's been coming for a long time.

"The impact there's been on the town has been gradual over that five-year period."

Meanwhile, Izard has just sold his 382ha Wellsford farm to an expatriate New Zealander who wants to turn it into a park. Springhill Farm comes with its own aerodrome which the aviation enthusiast had built. Izard said it was important to him that the sale was compatible with the interests of the district, and there was a possibility the new owner could bring some business to Wellsford.